Toronto-Dominion Bank (TD) reported a fiscal first-quarter profit of $1.58 billion, down 58% from $3.73 billion reported a year earlier.
The Toronto-based lender said the profit decline was due to several one-time charges, notably the cost to settle a lawsuit related to the Stanford Financial Group Ponzi scheme.
TD said its fiscal Q1 profit amounted to $0.82 per share for the quarter ended January 31 of this year, down from $2.02 per share in the same quarter of 2022.
Revenue in the latest period totalled $12.23 billion, up 8% from $11.28 billion a year earlier.
The bank said it set aside $690 million to cover potential loan losses in fiscal Q1, up sharply from $72 million set aside a year ago.
Analysts who cover the bank had expected TD to report a profit of $2.20 per share, according to estimates from Refinitiv data.
TD Bank’s stock has declined 11% over the last year to trade at $90.66 per share.
